政策高频 | 2026年“两新”首批额度下达（申万宏观·赵伟团队）

Group 1 - The core viewpoint of the article emphasizes the implementation of new policies for equipment updates and consumer goods trade-in subsidies in 2026, aimed at boosting consumption and investment in key sectors [2][3][5] - The 2026 policy expands the support scope for equipment updates to include the installation of elevators in old residential areas, elderly care institutions, and other fields, while optimizing the application process for small and medium-sized enterprises [2][3] - The subsidy for new energy passenger vehicles is set at 12% of the vehicle price, with a maximum of 20,000 yuan, while fuel vehicles will receive a 10% subsidy, capped at 15,000 yuan [3][4] Group 2 - The 2026 budget for early investment includes approximately 2,950 billion yuan, with 2,200 billion yuan allocated for "two heavy" projects focusing on urban underground pipelines and high-standard farmland [5][6] - The new personal housing sales tax policy reduces the VAT rate for homes sold within two years from 5% to 3%, while homes sold after two years are exempt from VAT, simplifying the transaction process [7][9] - The national fiscal work conference emphasizes the continuation of a more proactive fiscal policy, focusing on expanding domestic demand, supporting innovation, and promoting green transformation [10][11] Group 3 - The State Council meeting outlines measures to promote cross-border trade facilitation, emphasizing the importance of efficient logistics and the development of new business models such as green trade and cross-border e-commerce [12][13] - The construction of a national water network is highlighted as a strategic initiative to optimize water resource allocation and enhance flood prevention capabilities, contributing to domestic demand expansion [14]